Evelyn’s credit card company determines her minimum monthly payment by adding all new interest to 2% of the outstanding principal. The credit card company charges an interest rate of 0.04238% per day. On September 15, Evelyn uses her credit card to purchase a new picture window for her house for $3200. She makes no other purchases during September.

(a) Assuming Evelyn had no new interest, determine Evelyn’s minimum payment due on October 1, her billing date.

(b) On October 1, instead of making the minimum payment, Evelyn makes a payment of $1200. Assuming there are no additional charges or cash advances, determine Evelyn’s minimum payment due on November 1.